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Book a No Obligation Inheritance TAX Planning Consultation
How much Inheritance Tax will your Estate and Family have to pay upon your passing? Each year approximately £6 Billion is raised by HMRC in IHT alone.
Inheritance Tax Planning can significantly reduce your estates future liabilities. Complete the form to book a no obligation consultation with a specialist IHT Planning Adviser to discuss all your options.
We help thousands of UK Consumers connect to Inheritance Tax Advisers each year for no obligation Tax Planning consultations (Free Service)
What is Inheritance
Tax Planning (IHT)?
Inheritance Tax Planning can significantly help reduce the Tax your loved ones have to pay on your estate, once you have passed on.
This means you could leave more of your estate to your family.
Although there are various IHT allowances available to you, they can be confusing, so talking to a Tax Adviser may help you understand how to plan for passing on as much of your estate on death as possible.
Ways To Approach
Inheritance Tax Planning
Book a No Obligation Consultation
We work with leading UK based Advisers that help clients to build an Inheritance Tax Plan to protect their estate on death. The Advisers will guide you through the complex array of Allowances and help you understand what is the best IHT solution for you and your family/beneficiaries.
Other IHT Allowances
Everyone has different IHT allowances available to them , and they come in different forms some are in the form of gifting some using your income. However they can be complex and if used in the wrong way your Estate may not be able to benefit from them..
Inheritance Tax Allowance 2023 - 2024
The first £325,000 of someone's estate, not including the home you own is free of IHT. This is called the Nil Rate Band (NRB) If you don’t have a home, or you leave that home to someone other than your children, your estate will then pay 40% Tax on anything over the £325,000, on your death.
For a married couple or civil partnership, when one of them passes on the surviving partner could receive their loved ones IHT allowance.
Inheritance Tax On Family Home
If you own your home and leave it to your children or adopted children in your will, then the first £175,000 of the value won’t be counted towards IHT. This is called the Residence Nil Rate Band (RNRB). This can also be passed over on the death of the first person in a married couple or civil partnership, in the same way as with the NRB. This means on the
death of the surviving spouse, the total estate free of Inheritance could be £1,000,000.
Trusts and Inheritance
A trust is similar to a Will, but is a legal document that covers a specific asset such as money, investments, land, or buildings.. Multiple kinds of trusts exist, each benefiting different types of client need. Mainly these types of agreements involve three key parties:
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The ‘Settlor’ that is person who creates the Trust and places assets in a trust.
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The 'trustee' or person in charge of the trust.
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The beneficiary of that trust.
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Suppose you place your money or property in a trust. When calculating your inheritance tax bill, it is no longer considered part of your estate. additionally, different types of trusts may be taxed differently.